Advertising: Business Figures in Costa Rica

The advertising services market is estimated at approximately $800 million and is made up of some 654 companies, of which 6 out of 10 already export their services, with their main markets being the U.S., Panama and Mexico.

Wednesday, July 17, 2019

Regarding the context in which the business is developed, a study prepared by Promotora del Comercio Exterior (Procomer) explains that the national market has been influenced by the entry of international agencies affiliated to existing national agencies (under annual fee payment models, franchise, total acquisition or shareholding). Other companies have entered through their offshoring model.

The document states that 95% of the companies are concentrated in the Central region, in San José (Central cantons, Escazú, Montes de Oca and Santa Ana). Although micro-enterprises represent 74% of the business park, they only contribute 12% to employment. Medium-size companies employ 27% and large companies 53%. 87% of the companies are mostly Costa Rican capital and those with mostly foreign capital are large, some of which are operating under the free zone regime. Almost half of the companies have been operating in the market for more than 10 years, where the youngest are the smallest.

The study reviews that 6 out of 10 companies declare to have exported their services from their office in Costa Rica regardless of differences in size and structure and 12% have sold locally, but the content is consumed outside of Costa Rica. There is no conditioner either by size, age or location to be considered an exporting company, where even freelancers export. Despite this, exports are still a weak process, as almost half (47%) declare that they export less than or 10% of what they invoice.

Concerning the foreign sales of the companies, it is explained that "... USA (35%), Panama (17%) and Mexico (16%) are the 3 main export destinations. At the regional level, 38% of companies have exported to Central America and 31% to North America. The United States and Central American countries (mainly Guatemala) are the main markets to which the services of companies that are not direct exporters, and their content has left the country. 56% of companies’ state interest in exporting to North America (USA and Mexico). From Central America: Panama appears as preferred, from South America: Colombia and from Europe: Spain. In addition, 17% of the companies have subsidiaries abroad, of which 75% are in Central America."

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More on this topic

Rise in TV Sales

July 2018

With a few days to go before the end of the football world cup, Guatemalan companies dedicated to selling electronic equipment state that sales registered in June exceeded the sector's expectations.

According to figures from the Superintendency of Tax Administration, in the first five months of the year the entry of 526,000 televisions was recorded, for a value close to $76 million, highlighting a greater demand for devices of 43 inches and up.

Honduras and the Advertising Business

March 2018

The union of advertising agencies has reported that in 2017 they generated revenues of $443 million, of which $35 million corresponded to digital advertising.

According to figures from the Associated Advertising Agencies of Honduras (Apha), the $35 million invested in digital advertising in 2017 made this line of business represent the third largest revenue generating factor for the agencies, surpassing investments made in radio media, which were estimated at $19 million.

Tender: Tourist Promotion for $5 million

January 2016

The Tourism Authority of Panama is putting out to tender services for the design and production of an advertising campaign, development of media plans, guidelines on traditional and digital media and media monitoring.

Panama Government Purchase 2016-1-45-0-08-AV-008 805:

Tender: Advertising Services for $3 million

February 2015

The National Lottery of Panama wishes to hire specialized professional services in advertising for the development of various advertising campaigns.

Panama Government Purchase 2015-2-82-0-08-LV-008589:

"HIRING OF PROFESSIONAL SERVICES FOR ADVERTISING CAMPAIGNS SPECIALIZED IN SPECIFIC AREAS SUCH AS: EXTRAORDINARY SWEEPSTAKES, GORDITO ZODIAC, INSTITUTIONAL OR BRAND ADVERTISING SLOTS, MANUFACTURE OF ARTWORK FOR PRESS, BILLBOARDS ON ROADS, WRITTEN PRESS, RADIO, TELEVISION, TELEVISION PRODUCTION , RADIAL MONITORING SERVICE, PROCUREMENT OF SLOTS, SWEEPSTAKES OFFICIAL LISTS, SPEAKERS TO TRANSMIT THE SWEEPSTAKES PROMOTIONAL ITEMS, FLYERS, NETWORKS, FOR A PERIOD OF TWENTY-FOUR (24) MONTHS FROM THE ORDER TO PROCEED, WHICH MAY BE ISSUED PROVIDED THAT THE CONTRACT HAS BEEN ENDORSED BY THE GENERAL OF THE REPUBLIC. "

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